Bank of Scotland Ireland to close Halifax network with loss of 750 jobs; Entry to Irish mortgage market in 1999 resulted in significant increase in competition
Feb 9th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Bank of Scotland Ireland is to cut 750 jobs from its Irish workforce of 1,600, with most of the redundancies due to take effect by July. The bank plans to close down the retail network which it operates under the Halifax brand. But it is expected that 850 jobs will remain in the corporate and commercial banking sections. The entry to the Irish mortgage market in 1999 resulted in significant competition for existing players.